Need advice on my rebuilding adventure

[Anonymous]

Hello let me start off with my predicament .... I have a credit score of 490 ... I have a charge off from 2016 with Westlake financial with a balance of 9,232 don’t know how to approach that one. I have 4 collections 1. T-Mobile $508 2.Capital one 236 3.Sprint 836 4.Proggresive 2736.

I would really like to get a 30k car around April it’s an Infiniti Q60....
I currently make 37k a year + overtime so I make around 3k+ a month ... I currently live in a family house so I really have no bills so I just want to focus solely on my credit for now .... even if I have to wait longer for this car I’m willing to just focus on my credit.

Any suggestions on where I start with my credit and how ? I have around 2k to spend a month to fix my credit for now so I want to take advantage everything else goes to food and other things

[RobertEG]

Does the creditor still own the charged-off debt, or have they sold it to another?

What is the date of first delinquency (DOFD) on each of the collections?

What is the statute of limitations for debt for your state?

[Anonymous]

Sprint says opened June 28 2018 a company had to buy this collection .... T-Mobile says feb 06, 2017
Progressive may 09 2016
Capital one aug 15 2014
Now those are the dates where it says opened I see no other dates on credit karma

I live in ny so sol is 6 years I believe
Westlake still owns the charge off

[FireMedic1]

For now I'd do everything possible to get those debts paid. Especially before the dream car. You didnt post what cards you have, util on cards, any lates, ect. Need more info to give more advise. RobertEG can do the CA magic for you.

[Anonymous]

Yes try and pay off those debts. See if they will take 25-45% less to settle it and delete it. I owed capital one $2,700 and settled and had it removed for under 800. It was still with Capital one so that did help. Do you have any credit cards to help build your credit as you pay off this debit?

[Anonymous]

Don’t have any cards yet .... I was thinking probably getting a secured card and force it to have a high limit by giving more then the minimum . Do I just call these companies and pay them ?

[Anonymous]

Try Discover for a secured card you don't need a high limit unless you plan on putting a lot of spend on it and pay it off in full every month. Yes call them and offer 50% of what is due and see if they will take it and delete it off. Just make sure you have the means to pay if they accept it. I called one company asking if I could pay 200 on a $437 bill. They said no. I told them well I tried and then hung up. Less than 2 minutes after I hung up they called back saying they will take $250. Just try and get in writing that they will delete it or remove it once it is paid for. That way if they don't you can always send a dispute letter to get it removed.  Hit the small ones up first. When they start getting removed you will start to see your score go up. 

[tubbynerd]

i know this isnt exactly the advice you aare looking for, but have you considered holding off on the car purchase for even 6 more months to just hammer away at some of those debts and get that score even higher? A lower loan rate on that car loan could save you hundreds in interest in the long run. That's personally what I would do, and sorry for being a jerk and kind of saying to hold off on buying that car

[Anonymous]

I would second what tubbynerd said. Delayed gratification is one of the hardest skills to master, so if you can get your credit looking better then you will save $$ on interest paid. Right now at your score levels you probably wouldnt get a rate less than 25%, which killed me when I had to do it. Knock down your debt, and when you have made suficient progress, then reward yourself with the car.

[Anonymous]

Looks like you’ve gotten some good advice so far. The only think I can add is that buying an Infiniti is going to put you in a bad position value wise. The value on them drops from day one and never stops falling.